For those who haven’t skipped out already for a long Memorial Day weekend, there is really just one show in town on Friday — Fed chief Janet Yellen’s appearance at Harvard later.

It’s pretty much dead air right now out there. Stock futures are going exactly nowhere, about where they left off Thursday, given oil managed to spend less than a day at $50 a barrel. Of course, for those sticking around to hear what Yellen has to say, it’s worth keeping powder in the keg for some late-day action.

“If she says the right things, we bounce a little higher. If she says the wrong things, there is 50 points of air underneath us,” says Cracked Market’s Jani Ziedins.

If Yellen keeps a June rate-hike on the table, some knee-jerk traders could sell the news and allow those who missed out on last week’s stock recovery to get back in. The next big event is her June 6 speech.

The S&P 500 is set to end May up about 1.2%, which is a little worse than last week’s 1.8% gain. Judging by our call of the day, the exodus out of equities and into bonds has just carried on. That’s as bullish sentiment has dropped to a level not seen since INXS was rocking the charts.

From Cullen Roche of Pragmatic Capitalism comes the advice to not get too bearish right now. “Unfortunately, anyone who abandoned a well-diversified portfolio in the last 18 months is probably kicking themselves now, as the 2008 repeat that so many predicted isn’t playing out,” he says.

Our call of the day would back that up, as it suggests all this piling into bonds and rushing out of stocks could create a summertime buying opportunity. Also, check out our chart of the day, which points to things definitely going one way or another soon for the precious metal

The call

Bank of America Merrill Lynch’s Flow Show provides a pretty decently weekly look at where the money is flowing in financial markets. Friday’s note was no exception, adding further weight to evidence that investors have been piling into bonds.

The redemptions from equity and high-yield funds over the past four weeks have pushed markets close to a “contrarian ‘buy’ signal,” says chief investment strategist Michael Hartnett. The outflow of assets under management for equities and high-yield funds in that period totals 0.9%. Just 1% is required for a buy signal, he explains. Here’s the chart:

B. of A.’s Hartnett said the last buy signal came in late January, “when bearish flows coincided with bad equity markets and the Bull & Bear index was in ‘fear’ territory.” And, of course, markets bounced.

While he says that B&B index is more neutral on sentiment right now, flows and high fund manager survey cash levels are threatening “bear capitulation” upside for risk markets. That means, basically bears giving up and turning bullish.

The chart

Don’t look now, but a bearish rising wedge pattern is creeping up on gold — up 15% this year, but down over 5% for May. Chris Kimble, blogging for See It Market, says the latest rally for gold price is trying to break the intermediate trend of lower highs and usher in more upside. However, he says probability shows that this pattern sees lower prices ahead two out of three times.

Bearish wedge

If support breaks at point 1 indicated in the chart, then sellers could get the upper hand. However, if gold can break above the major resistance lines marked by red and blue above, “then the case for the end to the five-year bear market will build,” says Kimble. Read the full post here.

Citi also said Friday it’s taking a breather on gold, and moving to neutral from overweight “after a good run,” in the past three months.

The economy

GDP was lifted to 0.8% from 0.5% for the first quarter. Consumer sentiment for May hits at 10 a.m. Eastern.

Yellen will be interviewed by Harvard professor Greg Mankiw as she receives the Radcliffe Medal for making a “transformative impact on society.” That all kicks off at 1:15 p.m. Eastern.

The quote

Getty Images

Peter Thiel in 2014

“You were the basis for the affectless venture capitalist in the HBO show Silicon Valley; with this diabolical decadelong scheme for revenge, you are redefining yourself as a comic-book villain.” — Gawker’s CEO Nick Denton in an op/ed in which he fires back at billionaire capitalist Peter Thiel’s bid to take down the media group.

Denton has challenged Thiel to “an open and public debate.”

The stat

$1 million. That’s how much left-leaning online video news channel The Young Turks is offering to host a debate between Bernie Sanders and Donald Trump. Of course, most don’t think that debate will ever happen.

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